In medium or large saucepan bring wine, vinegar, shallots and saffron to a simmer, reduce to 3/4 cup. Add sugar. Slowly whisk in butter pieces fully mixing in one before adding another. Do not let sauce boil. Season with salt and pepper to taste.
Sprinkle scallops lightly both sides with salt and pepper. Melt remaining 2 TBSP butter in a saute pan over medium-high heat. Sear scallops about 3 minutes each side until browned. Spoon sauce onto plates, add scallops, then garnish with red bell pepper on top.